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Justin King, the man once known as Tigger, is bouncing his way back into the land of retail, knowing full well that a move to Marks & Spencer’s board will thrust him back into the spotlight. The question is, will the energetic businessman stop there, or is he waiting in the wings in the hope of inheriting the top job?

When King, 57, bowed out of Sainsbury’s in 2014 after a decade at the helm, he made it clear that he was up for another big challenge, including another public chief executive role.

So far, that “big job” has remained elusive. He has been involved in motor-racing and until last week had a full-time role at Guy Hands’s private equity outfit Terra Firma. So is this a strategic move...